Thursday, April 16, 2009

Virginia Land Preservation Credit - Change in the Law for 2009 and 2010

In an earlier post we cited the Virginia General Assembly's consideration of SB 986, which reduces the maximum amount of the Land Preservation Credit that an individual can use, in 2009 and 2010, from $100,000 to $50,000.

The bill has passed and been signed by Governor Kaine; you can read, here, the text of amended Section 58.1-212 of the Code of Virginia.

The lower limit of $50,000 is retroactive to January 1, 2009. Taxpayers affected by the new limit are granted an additional two-years of carry-forward (12 years, rather than 10) under the language of the new law.